According to the statistics and research, only 30% of transformations met or exceeded their target outcomes, resulting in sustainable change. As the first slide in the slideshow indicates, certain companies are said to be the Best Sectors for Digital Transformation. Over the past two years, most manufacturers have taken their first steps towards digitalisation in response to pandemic-related challenges.
While the variation in success among individual companies is vast, even within industries and sectors, we were interested in why different sectors had, on average, different degrees of digital success. We compared the digital transformation success data with BCG's Digital Acceleration Index data, which measures the digital maturity of companies and can also be grouped by sector.
Techasoft is a leading tech firm that accepts the disparity between education and employability. Considering the importance of education, leadership, and skill development in the hyper-competitive world, they also provide many IT-enabled educational services.
Need for Digital Transformation
The emergence of e-commerce leaders such as Amazon, Alibaba and JD.com has compelled traditional logistics companies to become more agile, flexible and efficient. With Covid-19 further fuelling online shopping globally, digital transformation of the logistics industry is expected to accelerate in the coming years," the report added. It also suggested that more tailored approaches are required to better support industry transformation.
Digital transformation consultants help businesses and firms understand this process and bridge the gap between the advancements and the firms. One of the key insights is that companies ahead of the digitalisation curve have focused significantly on plant/factory connectivity. It helps them to leverage data better to generate new insights and enable more real-time decision-making.
Sectors that Perform Best in Digital Transformation
Digital transformation uses digital technologies to transform traditional business processes and services to meet the evolving market and customer expectations. Thus completely altering how businesses are managed and operated and how value is delivered to customers. Which Sectors Perform Best in Digital Transformation?
Like many other industries, the financial sector required digital transformation, but the process was slow until the urgency of COVID-19 pushed it. However, the big corporations had all the means to survive the pandemic, while the small and medium businesses stagnated.
The solution to the problem is digital business technologies because they can significantly affect information exchange and reduce transaction costs. Consequently, small financial transactions become more affordable and may be carried out more frequently. Thus, it is still fruitful for different financial platforms, namely blockchains and cryptocurrencies.
The fact is that this industry is highly competitive, and therefore it requires custom solutions that will be unique for each case. Our project resulted in a balanced and flexible solution. On the ICO platform we have developed, an advertiser pays for the number of clicks to his website, not just for listing.
Besides, the platform presumes deep analytics and reports download. In such a way, we developed a product that makes information easily accessible, has a minimalistic UI, convenient UX, and, last but not least, makes it possible to gain a lot of investors instantly.
Energy companies are often tasked with complying with new regulations and staying competitive, which is why digital transformation is so significant. Automated machinery and sensors provide energy companies with valuable data about potential equipment failures.
New mobile capabilities allow field agents to complete work more quickly. The result is a better service for customers while minimising unexpected costs.
The Automotive industry can still survive without cooperation with the IT sector. However, survival does not mean success in this case. The benefits of digital transformation can seriously affect the automotive business because they are in strong demand, which is not so apparent at first glance.
First of all, a modern car requires connectivity. For different purposes, many devices are used, such as GPS navigators, vehicle cameras, and monitors. All that and many other devices must be interconnected using a cable, Bluetooth, Wi-Fi, and other means. To facilitate their connectivity, it is necessary to use the proper software. As a result, the work of these devices and systems will be automated, improving the user experience.
Secondly, vehicles nowadays are nothing like they used to be. The electrification trend dictates the new rules, and digital transformation solutions can help many drivers switch from conventional energy sources to electricity with comfort. Both electric and conventional cars undergo electrification because of the functions like power-assisted steering, intelligent light systems, traction control, airbags, and many others.
Finally, there is a growing requirement for shared mobility services. Anything from bicycles and scooters to cars and vans can be rented, and the demand for such services keeps growing. Its owners must develop a mobile application to support such a business. In such a way, a team of professional developers can transform a business idea into an actual project.
The media industry has always been quick to embrace new technologies, especially in the age of digital transformation. The expansion of content available on mobile devices is only the beginning of it.
Media companies are collecting data and using machine learning to recommend content personalised for users. This includes commercials that are targeted at individuals. With the rise of potential AI news anchors, media is rapidly changing.
The healthcare industry and everything connected to medicine must go digital during the COVID-19 pandemic. The field of medicine always presumes a lot of paperwork, and the switch to electronic documentation will reduce the live contact between people.
In such a way, the healthcare industry's owners, employees, and customers get one of the essential benefits of digitisation — safety. Besides, electronic documents can be maintained and organised with the help of specialised software. However, documentation is only one of the things that can be improved as far as healthcare is concerned.
Medical Websites are beneficial as:
1. helps therapists manage patients' info effectively;
2. allows patients to upload and update their information;
3. monitors the workload of therapists;
4. creates a map that is used to find the nearest therapist;
5. has an Admin Portal so that management could add, delete, and modify the website's content.
The following are the essential factors for digital transformation success:
1. An Integrated Strategy with Clear Transformation Goals. The strategy describes the why, the what, and the how, which are tied to specific, quantified business outcomes.
2. Leadership Commitment from CEO Through Middle Management. The company has high leadership engagement and alignment, including often-overlooked middle-management ownership and accountability.
3. Deploying High-Caliber Talent. Management identifies and frees up the most talented resources to drive the transformation program.
4. An Agile Governance Mindset That Drives Broader Adoption. Leaders address roadblocks quickly, adapt to changing contexts, and drive cross-functional, mission-oriented, "fail-fast-learn" behavioural change into the broader organisation. They deal with individual challenges without losing sight of the more general goals.
5. Effective Monitoring of Progress Toward Defined Outcomes. The company establishes clear metrics and targets around processes and outcomes, with sufficient data availability and quality.
6. Business-Led Modular Technology and Data Platform. The company puts a fit-for-purpose, modern technology architecture driven by business needs to enable secure, scalable performance, rapid change deployment, and seamless ecosystem integration.
Companies that started earlier are now progressing to the next level of integrating their digitised processes. In today's digital economy, connectivity is fast joining automation as a critical driver of success. Many have already established interoperable and secure networks within their production sites, where equipment, machinery and computer-based systems can interact and exchange information with few restrictions.
A high level of diversity exists across various industry sectors, and more tailored approaches are needed to better support industry transformation.